RM Secured Direct Lending (RMDL): Defensive qualities in uncertain times
This note examines RMDL’s potential performance in uncertain times. RMDL is a debt fund, and the key issues for continuing its track record of capital preservation and dividend streams are what it has done to reduce both the probability of default (POD) and the loss in the event of default (LED). We conclude that i) the initial credit assessment follows best practice, ii) accounts are closely managed on an ongoing basis, allowing early intervention, reducing both POD and LED, iii) security is structurally robust, and iv) RM has the right approach to recoveries. We believe the top four accounts would all have to default to eliminate the annual dividend.
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